History

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It all began with Swiss railroads in 1856, when the country needed to finance the expansion of its network and (the forerunner of) Credit Suisse, (Schweizerische Kreditanstalt), was founded. The bank has since turned into an integrated bank operating in over 50 countries around the world.

The Founder of Modern Switzerland

Alfred Escher not only founded Credit Suisse, but also the federal polytechnic ETH Zurich, the insurer Swiss Life and the Northeastern Railway

On July 5, 1856, the prominent politician, business leader, and pioneer Alfred Escher founded "Schweizerische Kreditanstalt". The original purpose of the new bank was to finance the expansion of the railroad network (e.g. the Nordostbahn/North-East Railway) as well as further industrialization in Switzerland. The founding of the company was a huge success: Initial stock was issued with a value of three million francs, but within just three days the total value of subscriptions amounted to 218 million francs.

This success story continued over the next century and a half, with Credit Suisse gradually evolving into a leading global provider of financial services. On the one hand, this was achieved through strong organic growth, but it was also supplemented by a series of significant mergers and acquisitions. This involved the amalgamation of very different cultures, philosophies, and spheres of specialist knowledge to create a strong integrated bank.

Milestones in Credit Suisse’s History

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1856 – Foundation

On July 16, 1856, the Schweizerische Kreditanstalt (SKA) founded by Alfred Escher, the predecessor to today's Credit Suisse, opens for business. Alfred Escher heads the SKA as the first Chairman of the Board of Directors from 1856-1877 and from 1880-1882.

1870 – First Representative Office

The first Credit Suisse foreign representative office is established in New York.

1876 – Paradeplatz

After a construction period of three years, SKA moves into the new building on Paradeplatz, which was designed by the famous architect Jakob Friedrich Wanner, on September 25, 1876.

1890 – Leading Position

From the end of the 19th century, SKA plays a leading role in the Swiss underwriting and syndication business. It has the opportunity more often than the competition to be the key player in underwriting syndicates.

1897 – Pension Funds

In 1897 the Board of Directors of the SKA creates a pension fund, which provides its employees with benefits after their retirement. In 1919 the SKA creates a pension fund in the form of a cooperative.

1905 – First Branch

Credit Suisse takes over the office of Oberrheinische Bank in Basel in 1905, resulting in the opening of the first Credit Suisse branch outside Zurich.

1910 – Paris

SKA opens a representative office in Paris for its international safekeeping account clients.

1932 – First Boston Corporation

The First Boston Corporation is founded as a subsidiary of The First National Bank of Boston. In 1934 the First Boston Corporation becomes the first publicly held investment bank in the US.

1939 – Swissam

In July 1939 SKA creates the subsidiary Swiss American Corporation (New York), which focuses on the underwriting and investment business, as well as investment consultancy.

1940 – New York

SKA opens the New York Agency on May 9, 1940.

1962 – White Weld

In 1962, Credit Suisse takes over White, Weld and Co. AG, Zurich, from the American investment bank, White Weld, New York. The acquisition is re-named Clariden Finanz AG.

1964 – Full-Service Bank

Credit Suisse is granted a license as a full-service bank, allowing it to take deposits and carry out all other types of banking in the USA.

1976 – Bodenkreditanstalt

The merger with the Schweizerische Bodenkreditanstalt marks the first major step toward growth in mass business and represents a substantial expansion of the sales network and client base.

1977 – The Chiasso Affair

The Chiasso affair resulted in the biggest loss SKA had suffered in its entire history. The crisis prompted the bank to strike out for new shores and transform itself from a traditional Zurich institution into an international financial services provider.

1982 – SASI

Swiss American Securities Inc. (SASI), a subsidiary of SKA which was founded in the 1970s, becomes a member of the New York Stock Exchange in November 1982. Thus SKA becomes the first Swiss bank to have a place on the New York Stock Exchange via its subsidiary.

1988 – Stake acquired in CSFBI

First Boston Inc. becomes CS First Boston with a takeover of 44.5% of CS First Boston by CS Holding. 1990 sees a takeover of a majority holding of CS First Boston.

1989 – CS Holding

CS Holding, set up in 1982 as a sister company to SKA, becomes the parent company of the Group.

1990 – Bank Leu

Acquisition of Bank Leu.

1993 – Volksbank

Acquisition of Swiss Volksbank.

1994 – Swiss Re

Launch of strategic alliance with Swiss Re.

1995 – NAB

Takeover of Neue Aargauer Bank (NAB).

1996 – Winterthur

Launch of strategic alliance with Winterthur Group. 1997 sees the merger of Credit Suisse Group with Winterthur.

Group organizational structure is streamlined to create two business units: Credit Suisse Financial Services and Credit Suisse First Boston.

2004 – Three Business Units

Group organizational structure is realigned to form three business units: Credit Suisse, Credit Suisse First Boston and Winterthur.

2005 – One Bank

Credit Suisse implements its One Bank strategy by merging its Credit Suisse legal entities in Switzerland with Credit Suisse First Boston.

2006 – New Integrated Bank

Credit Suisse celebrates its 150th anniversary. At the same time it sells Winterthur insurance company to AXA and begins life as a globally integrated bank. In keeping with its new status it launches a new logo.

2007 – Hedging-Griffo

Credit Suisse acquires a majority interest in Hedging-Griffo, a leading Brazilian wealth manager.

Clients as Innovation Drivers

If there is a constant in the history of Credit Suisse, it is a track record of continual innovation. In true pioneering style, Credit Suisse has shaped many of the countless innovations to hit the financial markets over the past one and a half centuries, and has quickly adapted others for its own use. For example, Credit Suisse (or Schweizerische Kreditanstalt / SKA as it was then known) was the first large Swiss bank to establish a direct telex connection with New York in 1951. It was to continue its pioneer role in the Swiss market by opening the first drive-in bank (1962), and launching both the first telephone banking service (1993), and the first internet banking platform (1997).

But the company's history has been shaped by much more than just technological innovations. In the areas of product management, training and development, marketing, and social commitment, Credit Suisse can look back on a long tradition of leading the way for others to follow. As different as the innovations were, they ultimately served a similar aim. In nearly all cases, this was to meet the needs of clients in an even more rapid, professional, and comprehensive way. And it is already clear today that this driving force will also fuel many a future innovation at Credit Suisse.

A History of Innovation at Credit Suisse

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1880 – Introduction of the Telephone

Telephones are introduced at Credit Suisse.

1882 – The Gotthard Tunnel

SKA plays a key role in the financing of this project of the century. Construction work on the 15-kilometer-long tunnel lasted a whole 10 years, resulting in what was then (and for a long time afterward) the longest tunnel in the world.

1890 – Bureau de Change

The first Credit Suisse bureau de change is opened with the aim of helping the urban population, and especially small businesses.

1895 – Effekten-Kursblatt

The bank launches the "Effekten-Kursblatt der Schweizerischen Kreditanstalt in Zürich" (Effekten-Kursblatt means "list of stock prices"), a pioneering supplement to its annual report. The publication is described as the world’s first regular publication by a bank.

1904 – Calculating Machine

The calculating machine is introduced at Credit Suisse.

1906 – Information Office

Credit Suisse sets up an information office. In 1911 an "advertisements office" is opened, which is renamed the "propaganda office" during the interwar years. The bank maintains a very cautious attitude towards advertising for more than 100 years.

1920 – Bookkeeping Machine

The bookkeeping machine is introduced at Credit Suisse.

1927 – Sports and Leisure Facility

The Credit Suisse Zurich-Fluntern sports and leisure facility is inaugurated (the picture shows the newly renovated facility in 1972).

1935 – Telex Machine

The telex machine is introduced at Credit Suisse.

1944 – "bulletin" Magazine

Fifty years after Credit Suisse launches the "Effekten-Kursblatt", the magazine is renamed "bulletin" magazine – a name that remains until this day for the client and stakeholder magazine

1948 – Punch Card Machine

Credit Suisse enters the data processing age in 1948 with the introduction of the first punch card machine – the first step taken by the bank on the road to office automation.

1951 – Teleprinter Link to New York

Credit Suisse becomes the first major Swiss bank to operate a direct teleprinter link to New York.

1957 – Pneumatic Post

Pneumatic post is introduced at Credit Suisse.

1960 – Investment Funds

At the end of the 1960s, investment funds are introduced in Switzerland for the first time. From the outset, Credit Suisse is a leading provider. In the 1980s and 1990s, the bank builds up its funds business systematically and successfully.

1962 – Autobank

Credit Suisse opens Switzerland's first Autobank (drive-in bank). This is the biggest and most modern facility of its kind in Europe at the time. The drive in bank is opened on the ground floor of the Bärenhof building at St.-Peterstrasse 17 in Zurich, a few steps away from Paradeplatz.

1967 – Computer

As early as 1962, the first generation of computers is installed at SKA, in the form of the Bull Gamma 30 data processing apparatus, capable of processing 60,000 bookings every hour (picture). The second generation, in the form of the IBM/360-40, follows in 1967.

1968 – Bancomat

In a joint venture by Credit Suisse, SVB, Bank Leu and SBV, Bancomat ATMs are introduced. Credit Suisse is at the forefront of this new service in Switzerland. The first cash dispensers are installed in Zurich, Basel, Bern, St. Gallen, Geneva and Lausanne.

1970 – Automation Systems

With the aim of linking front and back office departments in the 1970s and 1980s, Credit Suisse installs various automation systems for payments and foreign exchange processing. Notable innovations for this period include electronic tools such as Credimat, Contact Bank and Videotex.

1976 – SKA-Ski Hat

An employee in La Chaux-de-Fonds proposes the idea of a ski hat in the new Credit Suisse colors. After some initial hesitancy, the board gives the go-ahead for the distribution of the hat. By the close of the marketing legend in 1993, over 800,000 ski hats have been distributed.

Credit Suisse becomes the main sponsor of the Tour de Suisse, Switzerland's biggest sporting event. This marks the bank's early entry into the world of sports sponsorship. The partnership between Credit Suisse and Tour de Suisse lasts 22 years.

1980 – Uetlihof

The Uetlihof, the SKA's largest office building in the world, is built on a former clay pit belonging to the Zurich brick works and becomes operational in 1980. This building aspires to achieving the greatest possible harmony between nature and architecture. In 1993, the SKA receives Zurich's Green Prize for the Uetlihof.

1986 – Initiative to Further Women

"Taten statt Worte" – "Deeds, not words" – is the name of an initiative launched in 1986 and supported by a number of Swiss companies, dedicated to furthering the position of women in the workplace.

1987 – Swiss Banking School

From 1987, the Swiss Banking School provides another excellent platform for international networking. Credit Suisse plays a vital role in the establishment of the school, which offers professional training for managers from banks and other financial institutions in Switzerland and abroad. Each year Credit Suisse sends up to 15 employees to the school.

1988 – Uetlihof Daycare

After two years of preparation, the Credit Suisse Uetlihof daycare is opened.

1993 – CS-Firstphone

In May 1993, Credit Suisse opens the first telephone bank in Switzerland, called CS Firstphone. Firstphone offers 24-hour service, 365 days a year, and allows clients to get account information or carry out transactions over the telephone.

1994 – Communication Center

The Credit Suisse Communication Center "Bocken" opens. The Center aims to provide an open forum for the exchange of ideas, and interaction in small groups.

1995 – First Website

Credit Suisse is the first major Swiss bank to have a Website in the Internet. Shortly thereafter, interactive features are added.

1997 – Internet Banking

Direct Net, the bank's Internet banking platform is launched. Credit Suisse is the first Swiss bank to offer this kind of service with lasting success.

1998 – Fund Lab

With its internet site Fund Lab, Credit Suisse sets up a platform for investment funds where it offers fund products from its competitors as well as its own funds, so that clients can select the optimum funds to suit their needs.

1999 – Youtrade

Credit Suisse becomes the first Swiss bank to offer a discount brokerage service on the internet or by telephone, in the form of "youtrade".

2002 – emagazine

June 2002 sees the launch of emagazine, the first internet magazine for a European bank, with up-to-the-minute weekly stories on business, society, culture, and sports. The magazine is relaunched in 2007 with the new name "In Focus".